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Energy East Corporation Announces 2004 Financial Results
ALBANY, N.Y., and PORTLAND, Maine, Feb. 10 /PRNewswire-FirstCall/ -- Energy
East Corporation [NYSE: EAS] today announced the following unaudited financial
results.
Earnings per share from continuing operations for the 12 months ended December
31, 2004, were $1.63 while earnings per share for the quarter ended December
31, 2004, were 39 cents per share. Those earnings exclude discontinued
operations that reflect the results of two nonutility businesses sold in 2004.
Earnings from continuing operations for the 12 months ended December 31, 2004,
were up 20 cents compared to 2003 earnings of $1.43. The increase in earnings
was primarily due to the RG&E Electric and Natural Gas Rate Agreements and the
sale of the Ginna nuclear plant which increased earnings 16 cents per share,
and 10 cents per share from lower financing costs and savings from integration
and efficiency initiatives. The improvements in earnings for 2004, as compared
to 2003, also reflect a loss on reacquired debt in the fourth quarter of 2003
of 9 cents per share. Those increases were partially offset by lower income
from gas operations due, in part, to a 4% drop in retail sales of 7 cents per
share, higher stock option expense of 6 cents per share and higher depreciation
due to electric plant additions of 3 cents per share.
Earnings of 39 cents per share for the quarter ended December 31, 2004, were 7
cents higher than earnings for the fourth quarter of 2003 of 32 cent per share.
Fourth quarter 2004 earnings were favorably affected by the ongoing impacts of
the RG&E Electric and Natural Gas Rate Agreements of 3 cents per share, as well
as lower financing costs of 2 cents per share. Earnings for 2004, as compared
to 2003, also reflect a loss on reacquired debt in the fourth quarter of 2003
of 9 cents per share. Those increases were partially offset by an Earnings
Sharing Mechanism at NYSEG, which reduced earnings 6 cents per share and higher
stock option expense of 2 cents per share.
Unaudited Consolidated Statements of Income and Energy Delivery Statistics are
presented on the following pages. The company expects to issue audited
financial statements in conjunction with the filing of its Form 10-K for 2004.
Energy East is a respected super-regional energy services and delivery company
that our customers can depend on every day. We are a motivated and skilled
team of professionals dedicated to creating shareholder value through our focus
on profitable growth, operational excellence and strong customer partnerships.
We serve about 3 million customers throughout upstate New York and New England.
Energy East Corporation
Consolidated Statements of Income - (Unaudited)
Three Months Twelve Months
Periods Ended December 31 2004 2003 2004 2003
(Thousands, except per share
amounts)
Operating Revenues
Sales and services $1,268,927 $1,171,464 $4,757,026 $4,514,490
Operating Expenses
Electricity purchased and
fuel used in generation 411,112 323,087 1,570,410 1,338,369
Natural gas purchased 318,959 262,843 1,030,665 939,464
Other operating expenses 227,281 209,047 794,857 813,133
Maintenance 54,162 74,545 181,725 203,042
Depreciation and amortization 41,968 75,432 292,458 299,432
Other taxes 64,425 64,996 252,860 269,238
Restructuring expenses -- -- -- --
Gain on sale of generation
assets -- -- (340,739) --
Deferral of asset sale gain (1,998) -- 228,785 --
Total Operating Expenses 1,115,909 1,009,950 4,011,021 3,862,678
Operating Income 153,018 161,514 746,005 651,812
Other (Income) (8,955) (11,565) (36,249) (21,852)
Other Deductions 4,598 28,631 11,603 32,712
Interest Charges, Net 68,403 72,737 276,890 284,790
Preferred Stock Dividends of
Subsidiaries 476 864 3,691 19,009
Income from Continuing
Operations Before Income
Taxes 88,496 70,847 490,070 337,153
Income Taxes 31,525 24,355 251,845 128,663
Income From Continuing
Operations 56,971 46,492 238,225 208,490
Discontinued Operations
Loss from discontinued
operations (1,485) (1,715) (7,108) (12,032)
Income taxes (benefits) 136 (8,467) 1,176 (13,988)
(Loss) Income From Discontinued
Operations (1,621) 6,752 (8,284) 1,956
Net Income $55,350 $53,244 $229,941 $210,446
Earnings Per Share From
Continuing Operations, basic $.39 $.32 $1.63 $1.43
Earnings Per Share From
Continuing Operations, diluted $.39 $.32 $1.62 $1.43
Earnings (Loss) Per Share From
Discontinued Operations, basic $(.01) $.05 $(.06) $.02
Earnings (Loss) Per Share From
Discontinued Operations,
diluted $(.01) $.04 $(.05) $.01
Total Earnings Per Share, basic $.38 $.37 $1.57 $1.45
Total Earnings Per Share,
diluted $.38 $.36 $1.57 $1.44
Dividends Paid Per Share $.275 $.25 $1.055 $1.00
Average Common Shares
Outstanding, basic 146,597 145,936 146,305 145,535
Average Common Shares
Outstanding, diluted 147,015 146,150 146,713 145,730
Energy Delivery Statistics - (Unaudited)
Three Months Twelve Months
Periods Ended December 31 2004 2003 2004 2003
Electricity
(thousands of
megawatt-hours)
Residential 2,961 2,849 11,856 11,676
Commercial 2,353 2,252 9,480 9,266
Industrial 1,876 1,849 7,446 7,412
Other 593 570 2,245 2,239
Total retail 7,783 7,520 31,027 30,593
Wholesale 2,143 1,878 7,850 5,734
Total 9,926 9,398 38,877 36,327
Natural Gas
(thousands of dekatherms)
Residential 24,449 24,321 82,572 85,401
Commercial 7,386 7,652 26,604 25,938
Industrial 1,222 982 3,959 3,458
Other 3,252 3,257 11,026 11,301
Transportation of
customer-owned gas 23,025 21,739 84,278 86,647
Total retail 59,334 57,951 208,439 212,745
Wholesale 858 729 1,783 5,360
Total 60,192 58,680 210,222 218,105
DATASOURCE: Energy East Corporation
CONTACT: Scott Martin, Manager, Investor Relations of Energy East
Corporation, +1-207-688-4336
Web site: http://www.nyseg.com/